Market Trend in Skin Care Formulations
From Concept to Commercialisation
Market Growth
In 2020 the skincare industry was valued at 2.9 Billion, which was a 1% decrease to the year prior due to Covid-19 and price decreases. The skincare industry remained stable in comparison to other cosmetic industries, such as the makeup industry, as consumers focused on self-care through taking care of their skin. Consumers are carrying this self-care mentality out of the pandemic with a forecast of 2% growth within this industry.
For companies who wish to compete in this ever-expanding market, it’s essential to consider consumer and product-specific trends in order for your product to appeal to your target consumer.
Consumer Skincare Trends
In an age when endless amounts of information is only a few mouse clicks away, consumers have become more mindful about their purchases. Consumer purchases are results-driven, meaning consumers are more willing to spend on products they trust they will see results from. Individuals have become self-educated on active ingredients within products. This means consumers are drawn towards simple and transparent products at the affordable end of the market. At the high end of the skincare market, sales thrived for luxury brands as consumers invested in premium brands that are considered well-trusted, effective and focused on natural and high-quality ingredients.
(Passport, Premium Beauty and Personal Care in the UK May 2021).
Tailor Your Product to Your Target Customers Values
Ethics – With sustainability becoming increasingly important to consumers, there has been an increase in conscious consumerisms meaning there is a growing concern for the impact a product has on the environment. Consumers wish to support brands that share similar values to them. This has seen a greater demand for natural, organic and vegan products that are responsibly sourced and produced in a fair trade facility. Consumers may also be conscious of the miles travelled by the product, meaning they may be more willing to buy a product manufactured closer to home.
Accreditation symbols are used by brands to highlight their values and how their values transpire through product development and manufacturing. Examples of these symbols include Cosmos/Soil Association and Organic Trust, Vegan, Ecocert and Fairtrade. At Contract Formulations, we can tailor our product formulation process, ingredients used, manufacturing process, packing materials and warehousing to your company values. Many of our current clients have specific accreditation requirements they need their manufacturing plant to operate in accordance with. These accreditations include Cosmos/Soil Association and Organic Trust. As we have GMP and Quality Management System Accredited, quality measures are intrinsic within our production facility and practices, which give us a really strong foundation when applying for other certifications.
Trending Products Worth Considering When Formulating a Skincare Product
Consumers have a range of skin types such as oily, dry, mature, sensitive and combination skin. Within each of these categories, individuals have a variety of different skin concerns they wish to target. As there is such a wide variety of skin types with different concerns and a stream of new innovation, the number of products entering the market is vast. Consumers will be drawn to skincare products that claim to make the skin more radiant, volumized, lifted, smooth, and that reduces the appearance of fine lines and wrinkles.
At Contract Manufacturing, we have the production facilities in place to manufacture a wide variety of skincare products so your company can best satisfy your customer’s needs, wants and desires. The following products have been increasingly popular over the past few years and are expected to grow in popularity.
Moisturisers:
Moisturiser acts as a protective barrier for your skin, keeping it hydrated and healthy; therefore, most experts recommend using it on a daily basis. As consumers skincare regimen are becoming more complex, you can expect to see both morning and evening specific products. Morning specific moisturisers typically contain ingredients that hydrate and protect the skin, while evening specific moisturisers may contain ingredients that are formulated to hydrate and improve damage.
Facial Serums:
Serums are skincare products that are applied to the face after cleansing but before moisturising both in the morning and at night. As serums are made up of smaller molecules, they can deliver a high concentration of active ingredients deep within the skin. This makes them ideal for targeting specific skincare concerns such as signs of ageing, dullness, dryness, or acne.
Eye Cream:
Eye creams are formulated for the delicate skin around and under the eye. Eye creams tend to be thicker than regular moisturisers. These creams are packed full of active ingredients that address problems associated with ageing. Eye cream keeps the under-eye hydrated and plump, disguising under-eye bags. They often contain brighteners that mask dark under eyes and help users look more awake.
Trending Ingredients Worth Considering When Formulating a Skincare Product
When selecting the right formula for your skin care product, it is important to consider what you want your product to achieve on the skin. It is essential that the ingredient selected are in line with the products key claims and benefits. When choosing ingredients, it’s important to consider the molecular weight and carrier base system that dictate the product’s level of penetration in the skin. This level of penetration affects the function of the product. Products that contain ingredients with a really small molecular weight will penetrate deep within the skin providing high levels of moisture. Products that contain ingredients with a high molecular weight will penetrate the top layer of the skin and may provide a protective layer on the skin.
Consumers have become self-educated about their skincare routine, so they are no longer drawn to brand names and exclusive prices. Instead, consumers are drawn to effective, natural and premium ingredients. As consumers are more educated, they evaluate a product by examining its components. Ingredients worth considering when formulating a skincare product include:
Vitamin C: Vitamin C is an antioxidant that helps to prevent free radicals from damaging the skin’s surface and creating early signs of ageing. Free radicals are produced when people are exposed to harmful UV rays, radiation, pollution, harsh chemicals in skincare products, or stress. Vitamin C products are being used daily to protect against these free radicals making it a very popular ingredient.
Retinol: Retinol is a derivative from vitamin A and is well recognised for its anti-ageing benefits. Retinol’s smooths and brightens skin and fights signs of ageing such as fine lines and wrinkles by promoting cell renewal and cologne production. Retinol is a very popular ingredient in repair treatments, eye creams, moisturisers and serums.
Niacinamide: Niacinamide or Vitamin B3 has generated a lot of buzz over the last year and has been incorporated into many skincare products. The ingredient is known for reducing signs of ageing, hyperpigmentation and acne.
Glycolic Acid: Glycolic Acid is a water-soluble alpha hydroxy acid (AHA) that is derived from sugar cane. Glycolic acid easily penetrates deep into the skin because of its small molecular weight. This ingredient is an exfoliant. It helps shed dead skin cells, brighten the layers underneath, and stimulates collagen production, making it a very popular ingredient in toners, exfoliators serums, and cleansers.
Hyaluronic Acid: Hyaluronic Acid is a hydrating ingredient that has been prevalent and doesn’t seem to be going anywhere any time soon. Hyaluronic acid is one of the best moisturising agents as it can hold 1000 times its weight in water resulting in the skin looking more plump and youthful. It’s popular across all skin types as it is ideal for dry and oily skin making it a versatile ingredient.
Vitamin E: Vitamin E is an oil-soluble antioxidant suited for dry or mature skin. Vitamin E is incorporated into skincare routines to reduce damage caused by free radicals, which weaken skin elasticity. Vitamin E protects the skin by acting as an invisible shield. Vitamin E is a popular ingredient in moisturisers and serums.
Packaging
As sustainability is of growing concern for the consumer, they are drawn to sustainable packaging. Here at Contract Formulations, We offer a range of packaging options such as cardboard and plastic. As part of our goal to operate according to the European Green Deal, we have various reusable and recycled packaging options that support a circular economy. As consumers are actively trying to avoid single-use plastics, making sustainable packaging options include glass, cardboard, recyclable plastics, and eco-friendly compostable packages are a popular alternative.
To find out how we can tailor our services formulate and manufacture your skincare product by contacting us for more information.